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  • Talking points

    I will be giving a talk to a bunch of local physicians.  I have about 15-20 minutes to talk about the importance of personal finance and investing as related to physicians.  If I had the time/ money I would have invited WCI as a guest speaker!  But looks like I will be going this alone.  Any suggestions from the forum on high yield topics that I should not forget to include.

    I will be throwing out a large recommendation for the WCI network.

    It is a mixed specialty group.  Ranging from medical student to 95 years old and retired.  Some PP and some W2.  I do not have a ton of time to talk which is why I am having difficulty paring down to the best topics.  Also even though it has only been the past year or so that I have been financially literate I quickly forgot what is common knowledge and what will go over their heads.  I really want to just spark an interest and let WCI do the heavy lifting.

    Thanks for the help!

  • #2
    Read Bogle. Be wary. It's not that scary.

    Comment


    • #3
      Given the vast age range of the group, it may be best to hold off on student loans til the end (don't want to lose attention of those already paid off).  Perhaps throw in some anecdotes from new posters here:  whole life gone wrong, the recent HDerm post switching out of a target date fund to some annuities.

      I vote for jumping to some charts to show index vs passive

       

      If you want to make it interactive, you can use Poll Everywhere with your PowerPoint (assuming that's the case).  Anonymous answers, and if people really miss a question, then it's a great lead in to the topic.

      Comment


      • #4
        Moonlighting for Multiple 401Ks

        Comment


        • #5
          Index over active

          Early vs late start

          Budgeting/Savings Rate >>> Returns (but it's nice to have both)

          Don't buy anything other than term

          Investing Order

          Comment


          • #6
            Just stick to the broad topics.

            Saving a decent percentage of income, steady consistent investing, avoid large errors, insure whats left.

            Comment


            • #7
              Mention Backdoor Roth and the potential of IRA causing difficulties. Some may say "IRA" or "Roth" and point them to a Roth.

              Comment


              • #8




                Index over active

                Early vs late start

                Budgeting/Savings Rate >>> Returns (but it’s nice to have both)

                Don’t buy anything other than term

                Investing Order
                Click to expand...


                I have them in a different order but it is like you read those off my note pad!

                Comment


                • #9
                  So you have 15-20 mins to cover personal finance to physicians over a 70 year age range?  That should be easy...

                  If you're going to do that and want to appeal to the widest audience, I'd talk about the literature about money, happiness, and the hedonic treadmill (a very Jonathan Clements-esque talk).  To get doctors to be smarter with their money, you need to show them the studies that say spending more doesn't make you happier.  If happiness peaks around $75k, why do people who make 3-10x that much still complain about stuff?

                  Or if you want to go into the weeds in a short timeframe, just list the tax-protected accounts and what tax breaks are associated with each (and maybe touch briefly on effective vs marginal tax rates).

                  Comment


                  • #10







                    Index over active

                    Early vs late start

                    Budgeting/Savings Rate >>> Returns (but it’s nice to have both)

                    Don’t buy anything other than term

                    Investing Order
                    Click to expand…


                    I have them in a different order but it is like you read those off my note pad!
                    Click to expand...


                    Truth is truth.

                    Comment


                    • #11
                      Happiness does not peak at 75K.
                      https://www.vox.com/2015/6/20/8815813/orange-is-the-new-black-piper-chapman-happiness-study

                      Comment


                      • #12



                        The evidence the author of this paper uses to refute the main point isn't the greatest.  That study uses GDP and then annual household income but only up to around $64k annual income.  The link to the Gallup poll question also does not show evidence where he references happiness from $250k to $500k.  I don't actually believe happiness peaks around $75k, but going from $25k to $75k will make a greater difference in happiness than $500k to $550k.

                        Comment


                        • #13
                          Well yes 3x income is better than 10% more.

                          Comment


                          • #14




                            So you have 15-20 mins to cover personal finance to physicians over a 70 year age range?  That should be easy…

                            If you’re going to do that and want to appeal to the widest audience, I’d talk about the literature about money, happiness, and the hedonic treadmill (a very Jonathan Clements-esque talk).  To get doctors to be smarter with their money, you need to show them the studies that say spending more doesn’t make you happier.  If happiness peaks around $75k, why do people who make 3-10x that much still complain about stuff?

                            Or if you want to go into the weeds in a short timeframe, just list the tax-protected accounts and what tax breaks are associated with each (and maybe touch briefly on effective vs marginal tax rates).
                            Click to expand...


                            Except all that research is BS. It doesnt peak, the slope simply gets less aggressive. There has yet to be an amount of money that didnt lead to more happiness. Lots of good studies about this, Justin Wolfers has beat up a lot of the people that continue peddling this line.

                            It sounds nice and makes people with less feel better I guess, so its something everyone wants to believe, but isnt true.

                            Comment


                            • #15






                              The evidence the author of this paper uses to refute the main point isn’t the greatest.  That study uses GDP and then annual household income but only up to around $64k annual income.  The link to the Gallup poll question also does not show evidence where he references happiness from $250k to $500k.  I don’t actually believe happiness peaks around $75k, but going from $25k to $75k will make a greater difference in happiness than $500k to $550k.
                              Click to expand...


                              What do you think the original author used? The point of many studies is that the line always slopes up, whether within a country or between countries you never get a different answer (except the one time in Japan when they changed the wording of the question), richer countries are happier and richer people are as well.

                              The way the original study was phrased basically guaranteed a leveling off point in income, as it focused on the emotional aspects. You can only be so happy from a purely emotional standpoint, but you can be much more satisfied with your overall life at that level of happiness. Which is a better measure. Is there some reason we have to use the first flawed definition they did? Which of course was most likely used so they could make a splashy result and get a lot of publicity, which worked of course.

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